TCS eyes $100 mn from financial inclusion applications in 4 years

MUMBAI: As financial inclusion gains importance and larger spending from banks, software major TCS is targeting $ 100 million in revenues in the next four years from selling its last-mile connectivity solutions to banks, a top company official said.

"We will be getting around $ 100 million in revenues in the next three to four years from financial inclusion applications and serving 20 million people," the company's Chief Executive and Managing Director, N Chandrasekaran, told reporters after it signed a Rs 85 crore ($ 19 million) supply contract with public sector Indian Bank here today.

Under its contract with Indian Bank, TCS will be implementing its smart card-based financial inclusion solutions to help Indian Bank expand its footprint. It is a three year contract, and together, Indian Bank and TCS intend to reach 35 lakh customers in 5,500 villages.

"We see financial inclusion both as a worthy cause which will bring people into the banking fold as well as a good business opportunity," Chandrasekaran said, adding TCS is already having tie-ups with Bank of Maharashtra, Punjab National Bank and Central Bank of India for financial inclusion applications.

The application being implemented is an ICT ( internet communication technology)-based application that will enable account-holders to conduct a variety of transactions like remittance, micro-insurance, lending and drawing cash, among others.